Cornerstone Realty Arranges $7M Acquisition Loan for Apartment Building in Boston
BOSTON — Cornerstone Realty Capital has arranged $7 million in acquisition financing for a three-story apartment building in Boston’s Jamaica Plain neighborhood. Cornerstone was able to obtain a creative financing structure that enables the buyer, Hajjar Management Co., to complete the renovation to property. More specifically, Cornerstone was able to deliver a low, 10-year, fixed-rate financing structure with three years of interest-only payments followed by a 30-year amortization. The lender was a local bank. The building, which is located at 9-11 Seaverns Ave., includes 24 one-bedroom, one-bathroom units. The borrower plans to fully renovate the property over the next three years.